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Accounting

Where Are We Now? The Story of ICFR at Large Public Companies as Told by Financial Executives

Although much has changed with regard to best practices in internal controls over financial reporting (ICFR), one constant has been clear—financial executives want to foster and nourish a healthy ICFR ecosystem.

With the coterie of new emerging technologies promising to revolutionize company ICFR ecosystems, it makes sense for every financial executive to reflect on the state of their organization’s ICFR. Among the diverse perspectives shared, financial executives provided a lot of insights surrounding the lack of real-world examples in the guidance, nearly impracticable control documentation requirements, and their own hesitations to apply emerging technologies within the ICFR ecosystem.